{"id":36585,"date":"2021-01-08T20:22:26","date_gmt":"2021-01-08T20:22:26","guid":{"rendered":"https:\/\/www.vailvalleypartnership.com\/?p=36585"},"modified":"2021-01-08T21:23:12","modified_gmt":"2021-01-08T21:23:12","slug":"sba-and-treasury-announce-ppp-re-opening-issue-new-guidance","status":"publish","type":"post","link":"https:\/\/www.vailvalleypartnership.com\/2021\/01\/sba-and-treasury-announce-ppp-re-opening-issue-new-guidance\/","title":{"rendered":"SBA and Treasury Announce PPP Re-Opening; Issue New Guidance"},"content":{"rendered":"

WASHINGTON<\/strong> \u2013 The U.S. Small Business Administration (SBA)<\/a>, in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.\u00a0 The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was\u00a0released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.<\/p>\n

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.<\/p>\n

\u201cThe historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,\u201d said Administrator Jovita Carranza.\u00a0 \u201cToday\u2019s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.\u201d<\/p>\n

\u201cThe Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America\u2019s small businesses, supporting more than 51 million jobs,\u201d said Treasury Secretary Steven T. Mnuchin.\u00a0 \u201cThis updated guidance enhances the PPP\u2019s targeted relief to small businesses most impacted by COVID-19. \u00a0We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.\u201d<\/p>\n

Key PPP updates include:<\/p>\n